Financial results for the third quarter of 2015 compared to the third
quarter of 2014:ii

Revenue increased 8% to $78.8 million for the third quarter of 2015
from $72.8 million for the third quarter of 2014.

Professional management revenue increased 11% to $70.2 million for the
third quarter of 2015 from $63.2 million for the third quarter of 2014.

Net income was $8.5 million, or $0.16 per diluted share, for the third
quarter of 2015 compared to $9.0 million, or $0.17 per diluted share,
for the third quarter of 2014.

Non-GAAP Adjusted EBITDAii increased 2% to $25.1 million
for the third quarter of 2015 from $24.5 million for the third quarter
of 2014.

Non-GAAP Adjusted Net Incomeii increased 4% to $12.5
million for the third quarter of 2015 from $12.0 million for the third
quarter of 2014.

Non-GAAP Adjusted Earnings Per Shareii increased 4% to
$0.24 for the third quarter of 2015 from $0.23 for the third quarter
of 2014.

Key operating metrics as of September 30, 2015:iii

Assets under contract (“AUC”) were $954 billion.

Assets under management (“AUM”) were $108.0 billion.

Members in Professional Management were over 913,000.

Asset enrollment rates for companies where services have been
available for 26 months or more averaged 13.0%iv.

“Our focus at Financial Engines has always been on reaching more
Americans and impacting their retirement outcomes, while putting their
best interest first,” said Larry Raffone, president and chief executive
officer at Financial Engines. “The Mutual Fund Store shares our values
and this strategic acquisition is another step in the direction to
provide Americans the comprehensive help they deserve.”

Information regarding enrollment rates and the component AUC can be
found in the section entitled “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in the Company’s
Securities and Exchange Commission (“SEC”) filings, including the
Form 10-K for the year ended December 31, 2014.

Review of Financial Results for the Third quarter of 2015

Revenue increased 8% to $78.8 million for the third quarter of 2015 from
$72.8 million for the third quarter of 2014. The increase in revenue was
driven primarily by the growth in professional management revenue, which
increased 11% to $70.2 million for the third quarter of 2015 from $63.2
million for the third quarter of 2014.

Costs and expenses increased 12% to $64.7 million for the third quarter
of 2015 from $57.8 million for the third quarter of 2014. This was due
primarily to increases in wages, benefits, and employer payroll taxes
related to headcount growth and higher compensation, as well as
increases in non-cash stock-based compensation expense and cash
incentive compensation expense.

As a percentage of revenue, cost of revenue (exclusive of amortization
of internal use software) was 42% for the third quarter of 2015 compared
to 42% for the third quarter of 2014.

Income from operations was $14.1 million for the third quarter of 2015
compared to $15.0 million for the third quarter of 2014. As a percentage
of revenue, income from operations was 18% for the third quarter of 2015
compared to 21% for the third quarter of 2014.

Net income was $8.5 million, or $0.16 per diluted share, for the third
quarter of 2015 compared to net income of $9.0 million, or $0.17 per
diluted share, for the third quarter of 2014.

On a non-GAAP basis, Adjusted Net Incomeii was $12.5 million
and Adjusted Earnings Per Shareii was $0.24 for the third
quarter of 2015 compared to Adjusted Net Income of $12.0 million and
Adjusted Earnings Per Share of $0.23 for the third quarter of 2014.

“We have a strong balance sheet allowing us to complete this strategic
acquisition on favorable terms,” said Ray Sims, chief financial officer
of Financial Engines. “We expect the transaction to be accretive to EPS
in 2016 and beyond, and contribute to growth going forward.”

Assets Under Contract and Assets Under Management

AUC was $954 billion as of September 30, 2015 and increased 8% from $884
billion as of September 30, 2014, due primarily to new employers making
our services available, contributions, and partially offset by market
performance. AUC for plans in which the Income+ service has been made
available was $273 billion as of September 30, 2015 and increased 26%
from $217 billion as of September 30, 2014.

AUM increased by 6% year over year to $108.0 billion as of September 30,
2015, from $101.9 billion as of September 30, 2014. The increase in AUM
was driven primarily by contributions and net new enrollment into the
Professional Management service, partially offset by market performance.

Q4'14

Q1'15

Q2'15

Q3'15

(In billions)

AUM, beginning of period

$

101.9

$

104.4

$

109.2

$

114.5

New Enrollment(1)

3.9

4.6

6.5

4.8

Voluntary Cancellations(2)

(2.6

)

(1.9

)

(1.6

)

(2.4

)

Involuntary Cancellations(3)

(1.9

)

(1.6

)

(1.7

)

(1.6

)

Contributions(4)

1.7

1.7

1.8

1.7

Market Movement and Other(5)

1.4

2.0

0.3

(9.0

)

AUM, end of period

$

104.4

$

109.2

$

114.5

$

108.0

(1)

The aggregate amount of assets under management, at the time of
enrollment, of new members who enrolled in our Professional
Management service within the period.

(2)

The aggregate amount of assets, at the time of cancellation, for
voluntary cancellations from the Professional Management service
within the period.

(3)

The aggregate amount of assets, as of the last available positive
account balance, for involuntary cancellations occurring when the
member’s 401(k) plan account balance has been reduced to zero or
when the cancellation of a plan sponsor contract for the
Professional Management service has become effective within the
period.

(4)

Employer and employee contributions are estimated each quarter from
annual contribution rates based on data received from plan providers
or plan sponsors. The data presented in the table above differ from
data provided in filings prior to September 30, 2012, as the
previously reported contributions data represented only that subset
of members for whom we received salary data.

For further information on the AUM data above, please refer to our Form
10-Q to be filed for the period ended September 30, 2015.

Aggregate Investment Style Exposure for Portfolios Under Management

As of September 30, 2015, the approximate aggregate investment style
exposure of the portfolios we managed was as follows:

Cash

2

%

Bonds

28

%

Domestic Equity

44

%

International Equity

26

%

Total

100

%

Quarterly Dividend

On October 30, 2015, Financial Engines’ Board of Directors declared a
regular quarterly cash dividend of $0.07 per share of the Company’s
common stock. The cash dividend will be paid on January 6, 2016 to
stockholders of record as of the close of business on December 14, 2015.

Stock Repurchase Program

On November 5, 2014, Financial Engines’ Board of Directors approved a 12
month stock repurchase program under which the Company may buy up to
$50.0 million of its common stock. During the third quarter of 2015, the
Company purchased 344,000 shares for $11.2 million on the open market.
When combined with prior purchases, the Company has bought a total of
1,277,000 shares for $47.6 million on the open market, at an average
price of $37.30 per share. As of November 4, 2015, the stock repurchase
program had expired.

Outlook

Financial Engines’ growth strategy includes focusing on increasing
penetration within existing Professional Management plan sponsors,
enhancing and extending services to individuals entering and in
retirement, and expanding the number of plan sponsors.

Based on financial markets remaining at November 2, 2015 levels, the
Company estimates that its 2015 revenue will be in the range of $311
million and $313 million and 2015 non-GAAP adjusted EBITDA will be in
the range of $96 million plus or minus $1 million.

For the company, post-acquisition, based on financial markets remaining
at November 2, 2015 levels, through all of 2016, and taking into account
an anticipated closing of the acquisition of The Mutual Fund Store in
the first quarter of 2016, Financial Engines estimates its 2016 revenue
will be in the range of $403 million and $410 million and 2016 non-GAAP
adjusted EBITDA will be in the range of $125 million to $130 million.
Under typical market conditions, Financial Engines estimates that 2016
revenue will be in the range of $419 million to $426 million and
non-GAAP adjusted EBITDA will be in the range of $137 million to $142
million. We expect to realize financial synergies from the combination
over time.

Conference Call

The Company will host a conference call to discuss third quarter 2015
financial results today at 5:00 PM ET. Hosting the call will be Larry
Raffone, president and chief executive officer, and Ray Sims, chief
financial officer. The conference call can be accessed live over the
phone by dialing (888) 348-6435, or for international callers,
(412) 902-4238. A replay will be available beginning approximately one
hour after the call and can be accessed by dialing (877) 870-5176 or
(858) 384-5517 for international callers. The conference ID is 10074933.
The replay will remain available until Thursday, November 12, 2015, and
an archived replay will be available at http://ir.financialengines.com/
for 30 calendar days after the call.

About Non-GAAP Financial Measures

This press release and its attachments include certain non-GAAP
financial measures. The presentation of this financial information is
not intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with U.S.
generally accepted accounting principles (GAAP). These non-GAAP measures
include non-GAAP Adjusted Net Income, non-GAAP Adjusted Earnings Per
Share and non-GAAP Adjusted EBITDA. Non-GAAP Adjusted Net Income is
defined as net income before non-cash stock-based compensation expense,
net of tax, and certain other items such as the income tax benefit from
the release of valuation allowances, if applicable for the period.
Non-GAAP Adjusted Earnings Per Share is defined as non-GAAP Adjusted Net
Income divided by the weighted-average of dilutive common share
equivalents outstanding. Non-GAAP Adjusted EBITDA is defined as net
income before net interest income, income tax expense (benefit),
depreciation, amortization of internal use software, amortization of
direct response advertising, amortization of deferred commissions, and
non-cash stock-based compensation. Further information regarding the
non-GAAP financial measures included in this press release is contained
in the attachments.

To supplement the Company’s consolidated financial statements presented
on a GAAP basis, management believes that these non-GAAP measures
provide useful information about the Company’s core operating results
and thus are appropriate to enhance the overall understanding of the
Company’s past financial performance and its prospects for the future.
These adjustments to the Company’s GAAP results are made with the intent
of providing both management and investors a more complete understanding
of the Company’s underlying operational results, trends and performance.

About Financial Engines

Financial Engines is America’s leading independent investment advisor.
We help people make the most of their retirement assets by providing
professional investment management and advice.

Headquartered in Sunnyvale, CA, Financial Engines was co-founded in 1996
by Nobel Prize-winning economist Bill Sharpe. Today, we offer retirement
help to more than nine million employees across over 650 companies
nationwide (including 142 of the Fortune 500). Our investment
methodology, combined with powerful online services, dedicated advisor
center and personal attention allow us to help more Americans get on the
path to a secure retirement.

This press release and its attachments contain forward-looking
statements that involve risks and uncertainties. These forward-looking
statements may be identified by terms such as “plan to,” “designed to,”
“will,” “can,” “expect,” “estimates,” “believes,” “intends,” “may,”
“continues,” “to be” or the negative of these terms, and similar
expressions intended to identify forward-looking statements. These
forward-looking statements include, but are not limited to, statements
regarding the anticipated impact and benefits of the pending acquisition
of The Mutual Fund Store, including the expectation that the transaction
will be accretive to EPS in 2016 and beyond and contribute to growth and
margin expansion going forward, Financial Engines’ expected financial
performance and outlook, including factors which may impact our outlook,
benefits of our services, and growth strategy, including our focus on
increasing penetration within existing Professional Management plan
sponsors, enhancing and extending services to individuals in retirement
and expanding the number of plan sponsors, and the benefits of our
non-GAAP financial measures. These statements involve known and unknown
risks, uncertainties and other factors which may cause actual results,
performance or achievements to differ materially from those expressed or
implied by such forward-looking statements, and reported results should
not be considered as an indication of future performance. These risks
and uncertainties include, but are not limited to, risks related to the
pending acquisition of The Mutual Fund Store, including our ability to
successfully complete and realize the anticipated benefits of the
transaction and to successfully integrate The Mutual Fund Store’s
business with Financial Engines, the timing of completion of the
transaction, and the potential impact of the transaction, or
announcement thereof, and reaction thereto, on our business, operating
results and financial condition, our reliance on fees earned on the
value of assets we manage for a substantial portion of our revenue, the
impact of the financial markets on our revenue and earnings,
unanticipated delays in rollouts of our services, our ability to
increase enrollment, our ability to correctly identify and invest
appropriately in growth opportunities, our ability to introduce new
services and accurately estimate the impact of any future services on
our business, the risk that the anticipated benefits of our investments
in these services or in growth opportunities may not outweigh the
resources and costs associated with these investments or the liabilities
associated with the operation of these services, our relationships with
plan providers and plan sponsors, the fees we can charge for our
Professional Management service, our reliance on accurate and timely
data from plan providers and plan sponsors, system failures, errors or
unsatisfactory performance of our services, our reputation, our ability
to protect the confidentiality of plan provider, plan sponsor and plan
participant data and other privacy concerns, acquisition activity
involving plan providers or plan sponsors, our ability to compete, our
regulatory environment, and risks associated with our fiduciary
obligations. More information regarding these and other risks,
uncertainties and factors is contained in the Company’s Form 10-K for
the year ended December 31, 2014, as filed with the SEC, and in other
reports filed by the Company with the SEC from time to time. You are
cautioned not to unduly rely on these forward-looking statements, which
speak only as of the date of this press release. All information in this
press release and its attachments is as of the date stated or November
5, 2015 and unless required by law, Financial Engines undertakes no
obligation to publicly revise any forward-looking statement to reflect
circumstances or events after the date of this press release or to
report the occurrence of unanticipated events.